Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 45.50 points at the opening bell. Shares of car major Maruti Suzuki India will be in focus as the company announces its Q3 December 2014 results today, 27 January 2015. Most Asian stocks edged higher today, 27 January 2015 amid optimism the actions of Greece's new government won't force the nation to leave the euro currency bloc.
Wipro announced before market hours that it has been awarded a multi-year strategic infrastructure management contract by Allied Irish Banks, p.l.c. (AIB)., a leading bank in Ireland offering a full range of personal and corporate banking services.
Shares of public sector oil market companies (PSU OMCs) and GAIL (India) will be in focus after the Ministry of Petroleum & Natural Gas after trading hours on Friday, 23 January 2015, said that so far 9 crore consumers have already joined the Direct Benefits Transfer for LPG (DBTL) Consumers Scheme for LPG consumers and that they will receive subsidy directly into their bank accounts. This constitutes over 60% of the LPG consumers in the country. So far, an amount of Rs. 2262 crore has been transferred as subsidy and permanent advance in over 7 crore transactions to the LPG consumers. The DBTL Scheme for LPG consumers called PAHAL was launched on 15 November 2014 in 54 districts and in the rest of the country on 1 January 2015. The scheme aims to transfer the subsidy on LPG directly into the bank accounts of over 15 crore LPG consumers.
UltraTech Cement's consolidated net profit rose 1% to Rs 400 crore on 14% growth in revenue to Rs 5835 crore in Q3 December 2014 over Q3 December 2013. The result was announced after market hours on Friday, 23 January 2015. The consolidated figures include the financial results of the acquired units in Gujarat of Jaypee Cement Corporation (JCCL) with effect from 12 June 2014. As a result, figures for Q3 December 2014 are strictly not comparable with the corresponding previous year period.
UltraTech Cement's earnings before interest, taxation, depreciation, and amortization (EBITDA) rose 14% to Rs 1058 crore in Q3 December 2014 over Q3 December 2013. EBITDA margin was at 18.1% in Q3 December 2014, unchanged from Q3 December 2013.
The company's finance costs jumped 64% to Rs 164 crore in Q3 December 2014 over Q3 December 2013. Depreciation and amortization rose 3% to Rs 296 crore in Q3 December 2014 over Q3 December 2013. The increase in finance costs and depreciation and amortization was attributed to the acquisition of Gujarat units and commissioning of new capacities.
On a sequential basis, prices witnessed a downward trend in Q3 December 2014, UltraTech Cement said. However, the on-going cost optimisation measures helped in containing costs despite the continuing increase in price of input material and logistics cost, the company said in a statement.
UltraTech Cement said that the business outlook continues to remain challenging. Growth in cement demand in India is likely to be around 8% over the long term, the company said. The key demand drivers will continue to be housing and infrastructure spends, it added.
At the time of announcement of the third quarter results, UltraTech Cement said that its board of directors has approved signing of the definitive agreement with Jaiprakash Associates (JAL) for the acquisition of JAL's cement units located at Bela and Sidhi in Madhya Pradesh, having a capacity of 4.9 million tonnes per annum together with 180 megawatts (MW) captive thermal power plants. Earlier on 23 December 2014, the company's board had approved the proposal for the acquisition of the cement units of JAL located at Bela and Sidhi in Madhya Pradesh. UltraTech Cement will issue non-convertible debentures worth Rs 4538 crore and non-convertible cumulative redeemable preference shares worth Rs 10 lakh to JAL for the acquisition. UltraTech Cement will also take over JAL's debt of Rs 626.50 crore and negative working capital of Rs 160.50 crore. It is anticipated that the transaction will close in 7 to 9 months, UltraTech Cement said.
Bharat Electronics' net profit rose 41.8% to Rs 271.81 crore on 34.9% growth in net sales to Rs 1581.66 crore in Q3 December 2014 over Q3 December 2013. The result was announced after market hours on Friday, 23 January 2015. Bharat Electronics' board of directors at its meeting held on Friday, 23 January 2015, declared interim dividend of Rs 6 per share for the year ending 31 March 2015.
Shriram Transport Finance Company consolidated net profit declined 1.1% to Rs 321.27 crore on 6.82% growth in total income to Rs 2346.91 crore in Q3 December 2014 over Q3 December 2013. The result was announced on Saturday, 24 January 2015. The company's net interest income (NII) rose 9.55% to Rs 1106.27 crore in Q3 December 2014 over Q3 December 2013. Total assets under management as on 31 December 2014 stood at Rs 60328.95 crore compared with Rs 56883.12 crore as on 31 December 2013.
The market may remain volatile in the near future as traders roll over positions in the futures & options (F&O) segment from the near month January 2015 series to February 2015 series. The near month January 2015 derivatives contract expire on Thursday, 29 January 2015.
Prime Minister Narendra Modi yesterday, 26 January 2015 said big projects involving large investment would be monitored by the Prime Minister's Office. He was speaking at the interactive India US CEO Forum, in the presence of US President Barack Obama, and top business leaders from both countries. After listening to suggestions made by these business leaders, the Prime Minister said the solutions to most of the issues mentioned would be found through three things i.e Proactive, pro people good governance, a policy driven state and consistency in policy
The civil nuclear agreement was the centrepiece of India-US transformed relationship, which demonstrated new trust, Prime Minister Narendra Modi's media statement during joint press interaction with US President Barack Obama indicated on Saturday, 25 January 2015. It also created new economic opportunities and expanded India's option for clean energy, the media statement indicated. Narendra Modi said that he is pleased that six years after signing bilateral agreement with US, both the countries are moving towards commercial cooperation, consistent with the country's law, the country's international legal obligations, and technical and commercial viability, the media statement added.
The Reserve Bank of India (RBI) on Friday, 23 January 2015, relaxed rules for companies and banks to restructure and reschedule existing overseas borrowings by permitting an increase in the total cost of external commercial borrowing (ECB). The RBI has also allowed changes in the drawdown and repayment schedules of ECB. However, the easing of rules will not be applicable for foreign currency convertible bonds, the RBI said.
Auto, telecom and power generation stocks led the rally as key benchmark indices surged on Friday, 23 January 2015. The S&P BSE Sensex rose 272.82 points or 0.94% to settle at 29,278.84, a record closing high for the index.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 2019.98 crore on Friday, 23 January 2015, as per provisional data. The stock markets had remained closed yesterday, 26 January 2015, on account of Republic Day.
Most Asian stocks edged higher today, 27 January 2015 amid optimism the actions of Greece's new government won't force the nation to leave the euro currency bloc. Key benchmark indices in Singapore, Taiwan, Japan and South Korea rose 0.02% to 1.44%. Key benchmark indices in China, Hong Kong and Indonesia fell 0.27% to 0.52%.
US stocks ended higher yesterday, 26 January 2015 as investors brushed off fears that a leftist victory in Greece would bring fresh crisis to the Eurozone and energy stocks advanced.
In US, the Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting today, 27 January 2015 and tomorrow, 28 January 2015. In its last meet in December 2014, FOMC had based on its assessment, judged that it can be patient in beginning to normalize the stance of monetary policy. The Committee at that time saw this guidance as consistent with its previous statement that it likely will be appropriate to maintain the 0% to 0.25% target range for the federal funds rate for a considerable time following the end of its asset purchase program in October, especially if projected inflation continues to run below the Committee's 2% longer-run goal, and provided that longer-term inflation expectations remain well anchored.
On Sunday, 25 January 2015, the leftist Syriza party, which ran on an antiausterity platform, won elections in Greece. Syriza and its outspoken leader, Alexis Tsipras, who had campaigned against the austerity measures imposed on Greece by its international creditors, formed a coalition government yesterday, 26 January 2015 with a right-wing fringe party, Independent Greeks.
Standard & Poor's Ratings Services yesterday, 26 January 2015 lowered Russia's long-term foreign currency rating to a junk grade of BB+ from BBB-. "Russia's monetary policy flexibility has become more limited and its economic growth prospects have weakened," said S&P in a statement. Russia's ability to shield the economy from external shock and fiscal instability have also been compromised, it added. The outlook on the rating is negative. S&P also downgraded the country's short-term foreign currency rating to B from A-3.
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